The inerter has been integrated into various vibration mitigation devices, whose mass amplification effect could enhance the suppression capabilities of these devices. In the current study, the inerter is integrated with a pendulum vibration absorber, referred to as inerter pendulum vibration absorber (IPVA). To demonstrate its efficacy, the IPVA is integrated with a linear, harmonically forced oscillator seeking vibration mitigation. A theoretical investigation is conducted to understand the nonlinear response of the IPVA. It is shown that the IPVA operates based on a nonlinear energy transfer phenomenon wherein the energy of the linear oscillator transfers to the pendulum vibration absorber as a result of parametric resonance of the pendulum. The parametric instability is predicted by the harmonic balance method along with the Floquet theory. A perturbation analysis shows that a pitchfork bifurcation and period doubling bifurcation are necessary and sufficient conditions for the parametric resonance to occur. An arc-length continuation scheme is used to predict the boundary of parametric instability in the parameter space and verify the perturbation analysis. The effects of various system parameters on the parametric instability are examined. Finally, the IPVA is compared with a linear benchmark and an autoparametric vibration absorber and shows more efficacious vibration suppression.